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Avantax, Inc. (NASDAQ: AVTA) is a company that specializes in delivering tax-intelligent wealth management solutions primarily designed for financial professionals, tax professionals, and CPA firms. The company's goal is to help minimize clients' tax burdens through comprehensive tax-focused financial planning. Avantax operates two notable business models: the independent Financial Professional model known as Avantax Wealth Management® and the employee-based model referred to as Avantax Planning Partners℠.
Avantax Wealth Management® collaborates with a nationwide network of financial professionals who operate as independent contractors. This model offers services through its registered broker-dealer, registered investment advisor (RIA), and insurance agency subsidiaries, making it a leading U.S. tax-focused independent broker-dealer.
On the other hand, Avantax Planning Partners℠ partners with CPA firms to provide their consumer and small-business clients with holistic financial planning and advisory services. This model also operates through its RIA and insurance agency.
As of September 30, 2023, Avantax boasts a sizable portfolio with $82.3 billion in total client assets. Its services are designed to offer tax-centric financial planning and advisory services that enhance the financial well-being of its clients.
In a significant development, Avantax has entered into an Agreement and Plan of Merger with Aretec Group, Inc., a Delaware corporation doing business as Cetera Holdings. This merger, valued at approximately $1.2 billion inclusive of Avantax’s net debt, will see Avantax become a wholly-owned subsidiary of Cetera Holdings. The transaction is expected to close by the end of November 2023, subject to customary closing conditions and stockholder approval.
Recently, Avantax has experienced growth and expansion, attracting several wealth management firms and professionals drawn to its technology, tax-focus, and collaborative community. Notably, a 30-year-old California-based wealth management firm has partnered with the Avantax Community to deliver unified services to clients.
On November 27, 2023, Avantax announced the successful completion of its acquisition by Cetera Holdings. This integration is set to enhance Avantax’s offerings and provide financial professionals and clients with enriched tools and resources. Avantax will continue to operate under its well-regarded brand and maintain its core technology and product services, strengthening Cetera's tax and wealth management capabilities.
For more information on Avantax, you can visit their official website at www.avantax.com.
Sonida Senior Living (NYSE: SNDA) announced the appointment of Tabitha Bailey as senior vice president and chief legal officer, effective January 1, 2025. Bailey will succeed David Brickman, who is stepping down after 32 years with the company. Brickman will provide consulting services from January to June 2025 to ensure a smooth transition. Bailey, previously chief legal officer at Avantax, brings extensive experience in M&A and public company transactions, having led a $1.2B take-private merger. She will oversee all legal matters and support Sonida's growth strategy to expand its senior living portfolio.
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